Here are my tips for negotiating.  And these, you know, really I got to say, I mean, I don’t mean to brag but I’ve been negotiating all my life and I’ve gotten pretty good at it.  I was a career marketing and business development guy with a high technology firm and have been negotiating real estate deals forever and have been telenegotiating foreclosure deals with lenders for many, many years. And, of course, you know, we’ve been doing loan modifications and credit card debt settlement by phone for a couple of years.  So, I know of what I speak and these tips that I give you, honestly, you should really take to heart because most of you haven’t done a lot of negotiating by phone.  And so, listen up.

The first thing that I want to do is recommend to you that you rein in your ego.  And by that, I mean that you really should listen at least twice as much as you talk.  I always remind people that you have one mouth and two ears.  Be sure that you’re listening at least twice a much as you’re talking.  And it’s especially important on the phone because you’re trying to pull information out of the other party, out of your opponent.  And every time you’re talking, you’re giving away information.  So, ask questions and listen them into submission.

I always like to remind people that – you remember Lieutenant Colombo.  I think he was a great example of listening people into submission.  He would ask silly questions and lead people around with questions asking like he really didn’t understand how things work.  And low and behold, people would spill the beans to him.  So, another part of that same thing about reining in your ego – because we don’t want to talk, all right – another part of that is don’t be a smarty-poopy pants.  And the reason I say that is because, you know what I mean.  Show respect to the negotiator.  They spend all day on the phone listening to angry people about nasty topics and trying to convince them, you know, to settle or to send money, whatever.  So, if you talk to them in a respectful manner, give them respect.  Honestly, they’ll back in spades.

The next one is don’t be offended by rude behavior.  You’re going to encounter it because, you know, like I said these people talk to angry people, desperate people, about money issues all day long.  So, don’t be offended by it.  Just kind of expect it.  They’re going to be short with you, they’re going to be condescending, they’re going to be brief, so expect it.

Thirdly, be prepared.  Know the strengths and the weaknesses of your mod application and know their position and their alternatives and which programs you qualify for, which ones your lender or the investor that owns your note is participating in.  Know your alternatives, know theirs, and establish in your mind a goal for each encounter.  Every time you engage with these people on the phone, have in mind what the result will be.  And as soon as you’ve achieved it, you know, disengage.  And speaking of disengaging, remember, you can hang up rather than get nasty with these people.

Then I always recommend that you’re always willing to walk away from any conversation even if it – particularly, I guess if it seems to be going badly.  If things are going badly, honestly, just walk away, just get away.  Come back to fight another day.

The fifth one is to focus on the agent, their pressures and goals, etc..  And I guess this is part of listening.  Focus on their pressures and their needs.  Don’t focus just on yours because remember you’re trying to reach a win-win.  That’s really the negotiating style that, honestly, hands down is the best.  You’re looking for a win-win.  They get to complete a file; they get to move something off their desk; they get to feel like they’ve helped you and you get what you want, a good loan modification or the information that you need.

Number six is, don’t give away anything without getting something in return.  So, that’s why you have to really keep good notes because once you, you know, you begin to get offers, you want to be sure to make notes of what those offers are because any little concession you have to consider as having been one.

And then I always recommend that you ask for exactly what you want.  In the case of loan modifications, we always recommend that you, you know, it’s an enlightened request.  First of all, what you can afford.  Secondly, what program you think you will qualify for.  And the way that we advice people to ask for a particular modification is to ask for a particular payment, and the way we – I recommend that you ask for that – is to make a commitment to it.  So, again, it sounds like you’re making a commitment, not making a demand.

Mike Rockwood: Okay, so don’t lie.  You know, on top of being hard to keep track of it, it’s just wrong.  So, and then lastly I always say keep good records.  An old negotiator saying is that he who has the best records or the best information wins.  So, be that person with the best information every time because a lot of times, you’re stirring the loss mitigation officer.

So those are nine tips for good telenegotiating.  I hope they help you.